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Congress passes bill to raise debt ceiling

Congress passed must-do legislation Thursday to permit the government to borrow hundreds of billions of dollars more to meet its obligations, averting a first-ever government default that had loomed as early as mid-February.
The 64-34 vote in the Democratic-controlled Senate sent the measure to President Barack Obama, who has said he will sign it. The Republican-led House passed the legislation last week.
The legislation would temporarily suspend the $16.4 trillion limit on federal borrowing, which experts say would allow the government to borrow about $450 billion to meet interest payments and obligations like Social Security benefits and government salaries.

The deadline for Congress to act again to prevent default would likely not come until August, according to calculations by the Bipartisan Policy Center, a Washington-based think tank.
Without the bill, the Treasury Department says, the government would default on its obligations by as early as mid-February.

"Failure to pass this bill will set off an unpredictable financial panic that would plunge not only the United States, but much of the world, back into recession," said Sen. Max Baucus, D-Mont. "Every single American would feel the economic impact."

The short-term increase in the borrowing limit was the brainchild of House Republicans, who wanted to re-sequence a series of upcoming budget battles, taking the threat of a potentially devastating government default off the table and instead setting up a clash in March over automatic across-the-board spending cuts set to strike the Pentagon and many domestic programs.

I don't get it. They keep letting the Republicans kick the can down the road when all that does is set up a fight where they'll have less leverage. This is the third bad move by the Democrats in a row, after not taking a firmer stand on filibusters and the fiscal cliff.

I can't wait for the crapfest bill we're about to get on immigration reform. Should be a laugher.

I don't get it. They keep letting the Republicans kick the can down the road when all that does is set up a fight where they'll have less leverage. This is the third bad move by the Democrats in a row, after not taking a firmer stand on filibusters and the fiscal cliff.

I can't wait for the crapfest bill we're about to get on immigration reform. Should be a laugher.

If this immigration bill sucks, I'm not leaving my house for a few days. After that stupid racial profiling bull**** in Arizona, huge amounts of illegals from Arizona migrated into California and New Mexico. We have a ton here. If this thing sucks, there is going to be all kinds of butt hurt going on here...

If I could take your pain and frame it, and hang it on my wall,
maybe you would never have to hurt again...